Valens Semiconductor Clocks 49 Percent Sales Growth in Q3, Lifts FY21 Revenue Outlook

A silicon wafer is displayed in San Jose, Calif. on March 23, 2011. Justin Sullivan/Getty Images

Valens Semiconductor Ltd reported third-quarter FY21 revenue growth of 48.8 percent at $19.07 million, marginally beating the consensus of $19 million.

Audio-video revenues reached $17.1 million, up 38.5 percent Y/Y. Automotive revenues reached $2.0 million, an increase of over 300 percent Y/Y.

Margin

Gross margin compression of 200 bps to 72.4 percent was mainly due to higher automotive revenues that incur lower gross margin than audio-video products.

• Valens recorded quarterly bookings of $36.0 million, up over 200 percent Y/Y.
• Valens recorded a backlog of $73.4 million as of September 30.
• EPS loss was $(0.19) versus $(1.17) last year.
• Valens held $205.6 million in cash and equivalents.

Outlook

Valens sees Q4 revenue of $19.4 million–$20.6 million, versus a consensus of $20.1 million. It expects Q4 gross margins of 70 percent—72 percent.